By Chris Wack

JPMorgan has been designated by the U.S. Treasury Department under a financial agency agreement to provide account validation services for federal government agencies.

The program was awarded to JPMorgan after a competitive selection process and will extend for a minimum of five years.

In fiscal 2022, the Treasury Department's Fiscal Service disbursed nearly 1.4 billion payments for federal agencies totaling $5.27 trillion, including Social Security and Medicare payments, unemployment insurance and tax refunds.

JPMorgan will verify critical payment information for the federal government before payments are issued. The bank will verify payment details using its extensive network of secure customer information as well as industry data that the bank regularly accesses for payment processing.

Write to Chris Wack at chris.wack@wsj.com

(END) Dow Jones Newswires

September 27, 2023 09:05 ET (13:05 GMT)

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